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USAS Coding Instructions

D98 Late Payment Interest Rate Profile

Centrally defined. The Late Payment Interest Rate Profile (D98) allows agencies to inquire on the legislatively mandated rate of interest Texas state agencies are required to pay to vendors/payees on late payments.

From the inception of late payment interest on Sept. 1, 1999, through Aug. 31, 2004, the rate of interest to be paid on late payments was set at 12 percent. As of fiscal 2005, the rate changes annually on Sept. 1 to the prime rate that was published the first workday of the previous July in The Wall Street Journal, plus 1 percent. The rate for a particular transaction will depend on the fiscal year the payment became late. For more information, see Interest Rate under the Prompt Payment tab in eXpendit (FPP I.005).

The prime rate appears as the BASIS RATE and the additional 1 percent appears as the ADDITIONAL RATE 1.

 TEXAS  SD98           UNIFORM STATEWIDE ACCOUNTING SYSTEM    MM/DD/YY HH:MM PM 
 LINK TO:              LATE PAYMENT INTEREST RATE PROFILE                  PROD 
                                                                                
 ACTION:    (A=ADD, C=CHANGE, D=DELETE, N=NEXT, R=RECALL)                       
                                                                                
   FISCAL  BASIS        ADDITIONAL   ADDITIONAL   ADDITIONAL   TOTAL            
   YEAR    RATE         RATE 1       RATE 2       RATE 3       RATE             
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
   DESCRIPTION:                                                                 
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                                                
                                                         STATUS CODE:           
  EFF START DATE:            EFF END DATE:            LAST PROC DATE:           
                                                                                
                                                                                
 F1-HELP F3-END F4-INTERRUPT F6-PROCESS                                         
 

ACTION (Required)
Enter the one-character action code.

A Add a new record
C Change an existing record*
D Delete an existing record*
N Next – Recall next record
R Recall

*Note: Record must be recalled before this action can be performed.

FISCAL YEAR (Control key – Required)
Enter the two-digit fiscal year. The fiscal year is the year used in the GAAP based financial reports and spans September through August.

BASIS RATE (Required to add new record)
Enter the numeric value (up to five digits) beginning with a decimal point. All five numbers need not be filled in; the field will zero fill from the right.

For example: 6.25 percent is .06250

ADDITIONAL RATE 1 (Optional)
Enter the additional rate 1 numeric value (up to five digits) beginning with a decimal point. All five numbers need not be filled in; the field will zero fill from the right.

For example: 1 percent is .01000

ADDITIONAL RATE 2 (Not currently in use)
Enter the additional rate 2 numeric value (up to five digits) beginning with a decimal point. All five numbers need not be filled in; the field will zero fill from the right.

ADDITIONAL RATE 3 (Not currently in use)
Enter the additional rate 3 numeric value (up to five digits) beginning with a decimal point. All five numbers need not be filled in; the field will zero fill from the right.

TOTAL RATE (Calculated amount – System generated)
Displays the total rate that is used in the late payment interest calculations. This amount is a six-digit numeric field containing a decimal point. This is the sum of the basis rate and additional rate 1 (and would include additional rates 2 and 3 if they were in use).

For example: .0625 base rate + .01 additional rate 1 = .0725 total rate

DESCRIPTION (Optional)
Enter the description (up to two lines, 40 characters each).

STATUS CODE (Optional)
Enter the one-character status code.

A Active (Default)
I Inactive

Note: The status code may be used in lieu of deleting a profile record to prevent the system from using the profile record for system processing. Set the status to I to inactivate profiles no longer in use.

EFF START DATE (Optional)
Enter the eight-digit effective start date (MMDDYYYY), which identifies when the information established on the profile record becomes accessible for system processing. Leaving this field blank causes the vendor/payee number to become immediately available for system processing, and the effective start date defaults to the current date.

EFF END DATE (Optional)
Enter the eight-digit effective end date (MMDDYYYY), which identifies when the profile record is no longer accessible for system processing. Leaving this field blank causes the profile to have no effective end date; therefore, any system processing using the profile record will not be restricted by the effective end date.

LAST PROC DATE (System generated)
Displays the last process date. The system defaults to the last date (MMDDYYYY) that any online modification (add or change) was made to the profile record.

Function Key Definitions

F1 (Help) Automatically links to the News/Help Table (90) screen. Will transfer to the appropriate type of help depending upon the screen and activity the user is on at the time F1 is pressed.
F3 (End) Returns the screen to the menu associated with that screen.
F4 (Interrupt) Initiates or ends an active interrupt. When ending an active interrupt, F4 returns the user to the original screen showing the same information as was on the screen when the active interrupt was initiated. This does not undo the last action.
F6 (Process) Submits transaction data to the edit process. If the edit process is successful, an acceptance message is produced, and the profile record information is stored in the system. If the edit process is not successful, an error message(s) will result. Retains current information on the screen upon completion of processing.
Glenn Hegar
Texas Comptroller of Public Accounts
Questions? Contact statewide.accounting@cpa.texas.gov
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